Bloomberg Businessweek is reporting that SunPower will be cutting 2% of its workforce, or 125 jobs, due to languishing prices and demand in the global solar market. According to a disclosure the company filed with federal regulators, the job cuts are part of its companywide restructuring plan, which management approved on November 30.
SunPower advised that around 75 of the jobs to be cut will be in the US and expects severance contracts and other restricting costs to total between US$9 million and US$17 million. The company plans to book most of the charges in Q4 2011 with 80% of the charges in cash.